Canopius Group Ltd. will not proceed with a potential £1 billion legacy deal following a $400 million capital raise in October, Insurance Insider reported.
Samsung Fire & Marine Insurance Co. Ltd. led the fundraising activity, with participation from existing investors Gallatin Point Capital LLC, Centerbridge Partners LP and some of their limited partners, as well as AmTrust.
The company decided to explore the legacy transaction in the early days of COVID-19, according to the report. It had tapped Guy Carpenter as an adviser for the potential deal, the publication reported in June.
Canopius declined Insurance Insider's request for comment.